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As per the budget for the financial year 2018-2019, the eligible amount that can be declared for the Income/Loss From House Property is limited to Rs. 2 lakhs. This amount combines both self-occupied property and let-out property, which is effective from FY 2017-18.  The validations for the above-mentioned restrictions are:

  • Restriction is effective from FY 2017- 2018

  • If the loss from house is more than Rs. 2 lakhs, the limit for carry forward of losses is upto 8 years

The latest Income Tax slab as per FY 2018-19 is listed below:

Income Rate Slab (FY 2018-19)Tax Rate (FY2018-19)Surcharge Rate FY (2018-19)
Up to Rs. 2,50,000Nil0%
Rs. 2,50,001 to Rs. 5,00,0005%0%
Rs. 5,00,001 to Rs.10,00,00020%0%
Rs. 10,00,001 to Rs. 50,00,00030%0%
Rs. 50,00,001 to Rs. 1,00,00,00030%10%
Above Rs. 1,00,00,00130%15%

The following proposals have been made to reduce the rebate provided to low-income earners (under Section 87A):

  • the rebate is now reduced to Rs. 2,500 from the present limit of Rs. 5,000.

  • this rebate will be available only if the annual income is up to Rs. 3.5 lakh (earlier, Rs. 5 lakh).

Prior to this, we gave you an option to enable the new IT slabs, for the FY 2018- 2019. As there was no action taken, we have updated the application to automatically consider the new IT slab.
Figure 1: Enable IT slab message

To know more about the changes, click here.

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